The USD Coin (USDC) is a stablecoin pegged to the US dollar. Coinbase, one of the biggest crypto exchanges worldwide has added support for it and this means businesses can now receive payments in USDC from customers “in minutes with zero transaction fees” and no chargebacks, as Coinbase announced in a recent blog.
USD Coin comes from Circle and Coinbase, and the merchant system is available on Coinbase Commerce, a division it set up last year. The blog says, “Adding USD Coin to Coinbase Commerce enables businesses to accept payments online in the same way they’re able to accept cash in-store. Unlike accepting credit card payments, merchants can accept USD Coin without geographical limitations or the need for a traditional bank account. Merchants can accept payment in USDC from customers around the globe in minutes with zero transaction fees.”
Coinbase Commerce also offers support for bitcoin (BTC), bitcoin cash (BCH), ether (ETH) and litecoin (LTC) payments alongside the new USDC. It is integrated with Shopify and it also launched a plugin for WooCommerce, saying that WooCommerce provides the payments infrastructure for more than 28 percent of all web stores.
USDC was launched late last year. Earlier this month, Coinbase expanded its crypto-to-crypto trading in the stablecoin to 85 countries.
At the time it said, “For new customers in countries like Argentina and Uzbekistan, where consumer prices are expected to inflate by 10–20% in 2020, stablecoins like USDC could provide an opportunity to protect against inflation.”